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valerief

(53,235 posts) Sun Jun 14, 2015, 10:27 AM Jun 2015

How JFK's assassination saved the NYSE from crashing in the Salad Oil Scandal

Fifty years ago, John F. Kennedy was assassinated on Friday, November 22, 1963 in Dallas, Texas. The assassination not only shocked the nation, but shook the stock market as well. However, very few people have heard about The Great Salad Oil Swindle which nearly crippled the New York Stock Exchange that weekend. Officials at the NYSE took advantage of the closure of the exchange to keep the crisis caused by the swindle from spreading further. Here is what happened at the NYSE while the nation focused on the President’s funeral.

http://www.businessinsider.com/the-great-salad-oil-scandal-of-1963-2013-11

5 replies

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How JFK's assassination saved the NYSE from crashing in the Salad Oil Scandal (Original Post) valerief Jun 2015 OP

And, as always, no one went to jail. AwakeAtLast Jun 2015 #1

I found it an interesting story, too. One can surmise different conclusions from it. nt valerief Jun 2015 #2

In this instance, the perp DID go to jail. Jim Lane Jun 2015 #3

Wow, thanks for catching that. AwakeAtLast Jun 2015 #4

About others following in his footsteps.... Jim Lane Jun 2015 #5

AwakeAtLast

(14,130 posts)

1. And, as always, no one went to jail.

Reply to valerief (Original post)

Sun Jun 14, 2015, 01:57 PM

Jun 2015

When are we going to demand prison sentences for these crooks? Theft, plain and simple.

Thanks for posting, this was very interesting!

valerief

(53,235 posts)

2. I found it an interesting story, too. One can surmise different conclusions from it. nt

Reply to AwakeAtLast (Reply #1)

Sun Jun 14, 2015, 02:41 PM

Jun 2015

Jim Lane

(11,175 posts)

3. In this instance, the perp DID go to jail.

Reply to AwakeAtLast (Reply #1)

Mon Jun 15, 2015, 03:56 AM

Jun 2015

From the linked article (emphasis added):

Although Allied Crude was bankrupt, De Angelis wasn’t since he had stashed half a million dollars in a Swiss bank account; however, this lead to charges of contempt because he had claimed he was bankrupt. De Angelis also couldn’t explain the large cash withdrawals he had taken from Allied’s accounts. For his fraud, De Angelis received a seven-year jail term. When he got out in 1972, he got involved in a Ponzi scheme involving Midwest cattle, but this effort collapsed before it really got going. This shows that a swindler will always be a swindler.

AwakeAtLast

(14,130 posts)

4. Wow, thanks for catching that.

Reply to Jim Lane (Reply #3)

Mon Jun 15, 2015, 04:14 PM

Jun 2015

Let's use that as an example for the others to follow in his footsteps!

Jim Lane

(11,175 posts)

5. About others following in his footsteps....

Reply to AwakeAtLast (Reply #4)

Mon Jun 15, 2015, 05:47 PM

Jun 2015

This guy, who went to jail, was a low-level schlub. He was running his own company, which existed largely on paper. He had no powerful friends and was most definitely NOT too big to fail.

I'd love to see someone like Jamie Dimon follow in his footsteps. The chances of that, though, are pretty slim.

Prediction: The next time Fox News misidentifies a felonious Republican as a Democrat, some intern will be blamed and no one of any stature will suffer any consequences. Same principle here.

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